US open: Stocks slip amid rising crude prices, heavy macro slate

(Sharecast News) - Major indices were in the red early on Thursday as a rebound in oil prices and renewed geopolitical tensions weighed on sentiment as investors thumbed over a key inflation print.

As of 1515 BST, the Dow Jones Industrial Average was down 0.36% at 50,460.11, while the S&P 500 dipped 0.01% to 7,519.87 and the Nasdaq Composite came out of the gate 0.03% softer at 26,666.23.

The Dow opened 184.17 points lower on Thursday, erasing gains recorded in the previous session.

Thursday's primary focus looked set to be April's personal consumption expenditures index, which revealed US inflation was broadly in line with expectations in April, with the Federal Reserve's preferred gauge showing little change in underlying price pressures, even as household spending continued to rise.

According to the Bureau of Economic Analysis, the personal consumption expenditures price index increased 0.4% on the month and 3.8% year‑on‑year, matching forecasts, while core PCE, which strips out volatile food and energy costs, rose 0.2% on the month and 3.3% annually. Personal income was broadly flat, edging down by less than $100m, while disposable personal income slipped 0.1%, or $19.9bn. Personal consumption expenditures rose by $111.1bn, a 0.5% increase, driven by higher spending on both services and goods. Real PCE was up 0.1%. Personal outlays climbed $114bn, and the saving rate eased to 2.6%, with total savings at $611.7bn.

Elsewhere on the macro front, Americans lined up for unemployment benefits at an accelerated clip in the week ended 23 May, accordinf to the Labor Department, rising by 5,000 to 215,000 - above expectations for a softer 1,000 increase. Continuing claims increased by 15,000 to 1.78m, while the four-week moving average, which aims to strip out week-to-week volatility, rose bby 6,250 to 209,000. However, despite the modest uptick, both measures remained below last year's averages and continued to point to a resilient US labour market. Elsewhere, the advance seasonally adjusted insured unemployment rate was 1.2% for the week ended 16 Ma, unchanged from the previous week's unrevised rate.

On another note, the US economy grew less than originally estimated in the first quarter of 2026, according to amended figures out on Thursday from the Bureau of Economic Analysis, with both investment and consumer spending figures revised lower. US gross domestic product increased at a year-on-year rate of 1.6% over the first three months, marking an acceleration from the 0.5% growth registered in the fourth quarter of 2025. However, this was well below the 2% growth initially reported at the end of April - which itself was below the 2.3% consensus forecast at the time of release. Consumer spending rose at an annualised rate of just 1.4% in the first quarter, below the 1.6% initially stated, while gross private investment growth was revised down to 7% from 8.7%.

Still on data, US durable goods orders surged in April, according to the Census Bureau, rising 7.9% to $346bn for the strongest monthly increase since May 2025. April's durable goods reading far outpaced expectations for a 3.5% gain and followed an upwardly revised 1.3% rise in March, driven largely by a 21.5% increase in transportation equipment, including a sharp 165.9% rise in non‑defence aircraft and parts. Capital goods orders were also strong, up 21%, while orders also increased across several other categories, including fabricated metal products, up 3.5%, and primary metals, up 1.9%. Computer and electronic products, on the other hand, fell 0.7%.

Finally, new home sales fell to 622,000 in April, according to the Census Bureau, down from 663,000 in March and missing consensus estimates for a modest increase to 670,000.

Also in focus, West Texas Intermediate crude rose 2.42% to $90.83 a barrel after the US military carried out fresh strikes in Iran. The gains come hot on the heels a sharp pullback on Wednesday, when Secretary of State Marco Rubio said talks with Iran had made some progress.

In the corporate space, Dollar Tree said comparable sales had come in higher last quarter as price rises offset a decline in customer traffic, jumping 3.5% in the first quarter and topping estimates, while Best Buy reported Q1 results that came in ahead of Wall Street expectations as key product launches and higher tax refunds gave sales a boost.

Costco and Dell Technologies will report earnings after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

International Business Machines Corporation (CDI) (IBM) $263.68 3.02%

Dow Chemical Co. (DOW) $35.19 2.46%

Microsoft Corp. (MSFT) $421.92 1.89%

Chevron Corp. (CVX) $184.44 1.42%

Cisco Systems Inc. (CSCO) $119.19 1.31%

Unitedhealth Group Inc. (UNH) $389.19 0.91%

Merck & Co. Inc. (MRK) $120.88 0.88%

Salesforce.Com Inc. (CRM) $178.09 0.84%

Boeing Co. (BA) $226.38 0.62%

JP Morgan Chase & Co. (JPM) $299.81 0.38%

Dow Jones - Fallers

Intel Corp. (INTC) $117.95 -3.10%

3M Co. (MMM) $152.19 -2.37%

Caterpillar Inc. (CAT) $888.86 -2.30%

Procter & Gamble Co. (PG) $145.83 -1.03%

Visa Inc. (V) $324.11 -0.80%

Amgen Inc. (AMGN) $336.53 -0.70%

American Express Co. (AXP) $310.83 -0.67%

Walt Disney Co. (DIS) $104.05 -0.45%

McDonald's Corp. (MCD) $279.73 -0.36%

Travelers Company Inc. (TRV) $298.74 -0.27%

S&P 500 - Risers

Kohls Corp. (KSS) $15.32 19.40%

Dollar Tree Inc (DLTR) $111.04 17.48%

Agilent Technologies Inc. (A) $134.20 15.53%

Best Buy Co. Inc. (BBY) $72.76 11.32%

Hormel Foods Corp. (HRL) $22.78 8.97%

Illumina Inc. (ILMN) $154.24 6.07%

Dollar General Corp (DG) $109.88 5.76%

Waters Corp. (WAT) $359.30 5.28%

Robert Half Inc. (RHI) $28.09 4.02%

Mettler Toledo International (MTD) $1,142.80 4.01%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Synopsys Inc. (SNPS) $498.90 -6.51%

Skyworks Solutions Inc. (SWKS) $78.37 -6.03%

KLA-Tencor Corp. (KLAC) $1,900.59 -5.53%

Norfolk Southern Corp. (NSC) $309.32 -5.12%

Lam Research Corp. (LRCX) $310.03 -5.03%

Microchip Technology Inc. (MCHP) $94.22 -4.96%

eBay Inc. (EBAY) $109.97 -4.81%

Intuitive Surgical Inc. (ISRG) $416.94 -4.67%

Analog Devices Inc. (ADI) $410.02 -4.63%

Nasdaq 100 - Risers

Dollar Tree Inc (DLTR) $110.92 17.48%

Illumina Inc. (ILMN) $154.28 6.07%

Meta Platforms Inc. (META) $636.47 3.15%

Cognizant Technology Solutions Corp. (CTSH) $53.64 2.60%

Verisk Analytics Inc. (VRSK) $172.64 2.22%

Kraft Heinz Co. (KHC) $24.69 2.18%

Microsoft Corp. (MSFT) $422.66 1.89%

Check Point Software Technologies Ltd. (CHKP) $130.09 1.88%

Vodafone Group Plc ADS (VOD) $14.97 1.63%

Mercadolibre Inc. (MELI) $1,690.72 1.56%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Synopsys Inc. (SNPS) $500.32 -6.51%

Skyworks Solutions Inc. (SWKS) $78.63 -6.03%

KLA-Tencor Corp. (KLAC) $1,903.88 -5.53%

Lam Research Corp. (LRCX) $310.07 -5.03%

Microchip Technology Inc. (MCHP) $94.42 -4.96%

eBay Inc. (EBAY) $110.05 -4.81%

Intuitive Surgical Inc. (ISRG) $417.04 -4.67%

Analog Devices Inc. (ADI) $410.83 -4.63%

QUALCOMM Inc. (QCOM) $234.36 -3.79%